Chinese pork prices climbed to new records this week, according to government data, signaling its auctions of frozen pork reserves and other measures to boost production are doing little to cool the market.
Pro Farmer’s First Thing Today reports farmers are holding back pigs from slaughter as they work to rebuild herds after the industry was engaged in widespread culling two years ago. Additionally, stringent new environmental rules have forced many small-scale producers out of the market. As a result, Rabobank expects China to import a record 1.5 million metric tons of pork in 2016, possibly helping China to surpass Japan as the world’s top importer. The increase could be a boon for major pork exporters like the U.S. and Germany.